How To Find An Affordable Property In Hungary

Property Lawyer - Estate Agent - Hungarian Interpreter & Translator

Assuming you have found a way to transfer your money across to Hungary for property purposes, such as lawyer fees and property deposit, the next step is to find a property; as well as a
property lawyer and possibly a Hungarian interpreter/translator.

Although you could check local newspapers/classifieds for property and visit an estate agent straight away, even though you might not read/speak Hungarian and they might not read/speak
English, these days the internet is the best place to start looking for property; for many reasons - You can use
Google Translate WebsiteGoogle Translate,
Google Maps WebsiteGoogle Maps,
Google Mail WebsiteGMail and other tools to help you understand more about the property
you are viewing.

Find A PROPERTY LAWYER

One of the best ways to find a property lawyer is to buy a property through an estate agent as they should know of a trusted property lawyer they know of, use and/or at least recommend
all the time. They will normally know of a Hungarian interpreter/translator too. However, you normally need to buy property through them first!

One way around this dilemma is to e-mail them as a potential buyer and ask them who they use/recommend. The good estate agents will tell you. I did this with
Capital Real Estate (Budapest) and they told me they recommend Dr. Tünde
Harron - Dr. Tünde Harron WebsiteHarron Law Office. In Szeged
I used Dr Ábrahám Klára (Tünde's lawyer). Both of these lawyers are listed on
the Ugyved lawyers' website.

The only other two ways you are going to find a trustworthy property lawyer is 1) by searching the internet property forums/websites and expat forums/websites for recommendations
(such as the recommended hg.org lawyer website) and 2) by word of mouth from a
Hungarian friend who has already used a property lawyer (such as Tünde's property lawyer, who can be found on Ugyved.net). Other than that, it is pot-luck.

Whatever you decide, always check the lawyer's credentials first. A good place to start is the
Lawyers WebsiteLawyers Network website, which is equivalent to the UK website
SRA WebsiteSolicitors Regulation Authority. If a lawyer is listed on the Lawyers Network
they should be safe enough to use, but do not take my word for it; go and do your own investigations.

The Property LAWYER'S FEE

Expect to pay a property lawyer between 1% and 1.5%, plus 27% V.A.T, of the property sale price; which is the standard property lawyer fee in Hungary. I paid 1.4% to Dr Ábrahám Klára
(Tünde's property lawyer), now my property lawyer, when I bought my apartment in Szeged. Dr. Tünde Harron in Budapest charges 1.5%.

The Hungarian INTERPRETER'S/TRANSLATOR'S FEE

Hungarian interpreter's/translator's fees vary a lot. Some individuals and companies charge per word or per A4 page (with 70% being text) while others charge per hour or per job. So
expect to pay around £1 per 5 words or £25-£40 per A4 sheet. This is based on fees from the internet where an officially recognised stamp is not needed (i.e. personal translation of a
title deed or landlord's tenancy agreement).

Even if an internet based translator company stamps your paperwork with their company stamp, that company must be recognised by Hungarian government officials.

In cases where you do need an officially recognised stamp on your translated paperwork, you will need to use a Hungarian lawyer or
OFFI WebsiteOFFI - Certain types of document can only be interpreted/translated and
therefore certified by OFFI (the official government company for Hungarian translation) because you need their recognised/certified OFFI Stamp on your OFFI interpreted/translated
paperwork. My Hungarian girlfriend's sister recently had five A4 sheets done by OFFI whereby she paid OFFI £130 in total.

An Overall PACKAGE PRICE

If you find the right estate agent, they may be able to help you with everything regarding your property and its utilities. An all-in-one package. As mentioned above, I contacted Capital
Real Estate whereby I received this replay:

I would like to give you some general information about the costs associated with investment into Budapest. Our agency operates as a "buyer's agent". We take our clients through the whole
buying process and introduce them to lawyers, accountants, management companies, accompany them to banks, to the notary and any other office where our help is needed in connection with
their property investment.

Bear in mind that as the agent that represents you it is my job to negotiate on the price of any potential property and get you the best possible deal. I represent you and you alone and
am here to give you professional property investment advice and impartially look after your interests. This applies prior, during and after any potential investment has been made. For
this comprehensive service we charge 3% + VAT of the purchase price.

The total acquisition costs are all together about 10% + VAT of the purchase price which breaks down as follows:

Stamp duty 4 % (due only about 2 to 12 months after purchase)

Costs of the registration of ownership and the ownership sheets: EUR 45

Escrow fee: EUR 100 + (27% VAT) if you use the escrow account – not compulsory

Please note that it takes 30 to 60 days to get the permit, it is also standard to include in the contract that if you are refused a permit that you will purchase as a company. In the 10
years since we have been dealing with international clients not one permit has been refused.

Disclaimer: The above message was the reply from an e-mail. I, John Cairns, am not affiliated in any way, shape or form with Capital Real Estate, have never used their services and
therefore I neither recommend them nor discourage them. If you wish to try their services, it is up to you to contact Capital Real Estate to see if they are the right company for you.